PFR Token Swap — ONGOING

Ryan Redmond
Jan 30 · 4 min read

1. PFR is migrating to a new token.

2. Old tokens held on PayFair platform (Client and Escrow accounts ONLY) will automatically convert to the new token (dates below).

3. Trust-Nodes will work on both the new and old tokens.

4. New tokens will be the only tradable tokens on exchanges (dates below)

5. No time limit to swap your tokens (instructions below)


The Background

As many of you know, PayFair has been waiting on the release of the team’s frozen tokens. These tokens are partially owed to investors who participated in the second ICO crowdfunding and payment for future marketing and advertising activities.

At the time of PayFair’s creation, a deadline was placed on the initial smart contract for transferring out the team funds. Something the team was unaware of due to the original smart contract creator being no longer part of the project. As the deadline has been missed, the team tokens are now forever frozen within the below contract:

We sure would have loved to have known about this deadline!

As such, we have to regenerate these tokens as they are critical to PayFair’s long term success, and payment to those who support us. Due to how PFR was designed, new tokens simply cannot be created. Therefore we have to take a different approach.


The Solution!

We have opted to migrate from our current ERC20 token to a new ERC20. This migration has allowed us to regenerate the lost PFR tokens in the newly created contract, which will be a copy of the original PayFair contract.

PayFair as you know it, will be moving to this new token, your existing tokens will remain until you perform the token swap detailed below. There is no time-limit on when this needs to be done by, if you do not swap your tokens you will not be able to trade them on exchanges. If you hold PFR tokens on the platform in either Client or Escrow accounts, these will be automatically swapped to the new PFR token on or around the 11th February 2019. PFR withdraws will be closed during this time.

If you have not withdrawn old tokens from IDEX, you are still able to do this as there is no time-frame that it must be done by. Please cancel all orders before withdrawing.

To clarify, no new tokens are being generated and the overall supply has NOT been affected. The new contract is linked below for absolute transparency:

As the existing team funds are permanently frozen, no additional PFR is being generated. We are simply migrating from one token, to another. In the above link you are able to see that 11,000,000 team tokens have been generated, identical to the amount that has been frozen. These funds can now be used for payment, marketing and advertisement that was due to start shortly.


Timeline

We have been working with our primary exchange, IDEX, to facilitate the token swap. The key dates you should know are highlighted below:

30th January 2019 — COMPLETE

PayFair launches token swap contract

30th January 2019 — COMPLETE

IDEX inform their community about the swap

1st February 2019 — COMPLETE ahead of schedule

PayFair platform accepts NEW TOKENS only as trust-nodes

6th February 2019 — COMPLETE

Old PFR token to be de-listed from IDEX

8th February 2019 — COMPLETE

IDEX and FatBTC launches new PFR token for trading

Coinmarketcap update details on new token — UPDATE: We are waiting for an update on ether-scan and should be reflected shortly.

11th February 2019 — First wave of tokens swapped!

Old tokens on the Payfair platform automatically swapped to new token. PFR withdraws will be closed during this time (Client and Escrow accounts only — Trust Nodes tokens must be manually swapped as they are NOT on the PayFair platform!)

PayFair enable new PFR trading on platform shortly after IDEX goes live


How to swap your tokens

Create a client account (or use your existing) and send your PFR tokens to it, they will be automatically converted to the new PFR token on the 8th Feb.

Each week moving forward from the 8th we will automatically convert any tokens that are held on your client account. So if you have been away for a while, simply send them over to it and we will convert it.

We apologies for the inconvenience this has caused to our investors. The team will be available on telegram: https://t.me/payfair to answer all of your questions in relation to this change.

Ryan Redmond

Written by

Official Representative of PayFair.io - Writer for the Noteworthy and cryptocurrencyhub.io

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade